X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

TUCSON-A joint venture between Opus West Corp. and Scottsdale-based RED Group LLC steps into the metro market with its plan for a 205-unit senior independent living complex. Dubbed Hermosa Village, the $40-million project will break ground in Q1 2007, with completion slated for May 2008.

“With this type of product, we’re not necessarily targeting those from other states, but someone who’s lived in a home or condo in the neighborhood for 20 years and wants a change in lifestyle, but doesn’t want to leave the neighborhood,” says John Boyd, director of real estate development with the Phoenix-based Opus West.

Boyd says Hermosa Village, which will be located at the corner of Speedway Boulevard and Wilmot Road, is being built because of escalating demand. “There’s really no new product delivered in Tucson proper for many years,” he tells GlobeSt.com. “Most of the comparable projects are 20 to 25 years old, and have a waiting list to get in.”

While there are no set rents for Hermosa Village yet, the unit size ranges between 769 sf and 1,082 sf. Local company ORB Architecture LLC is handling exterior design, while MGA Partners’ Phoenix office is overseeing interior design. Opus West Construction Corp. is the general contractor.

Hermosa Village is Opus West’s and Red Group’s third such project. The joint venture also developed the 190-unit Northern Village at 909 E. Northern Ave. in Phoenix, and the 223-unit McDowell Village Senior Living at 8300 E. McDowell Rd. in Scottsdale. Boyd says the joint venture plans similar projects and is actively looking for land, with sites in Houston, Dallas and Southern California under evaluation.

“Ideally, this is more of an infill product. We want to be where people have lived in their homes for a long time and, if given the chance, can stay where their friends, shopping, churches and doctors are,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.